
An annual ritual
Much of the current group up for debate expired at the end of 2013, and were reinstated for 2014 on Dec. 19, 2014. The Senate Finance Committee in July passed a bill that would extend many of these provisions for two years, until the end of 2016, but as of yet theres been no sign of further movement.
While the extenders run the gamut from insignificant to highly significant, a number of them are so important that it is inconceivable that they wont get passed, sooner or later. Here are some of the ones affecting people and businesses in important ways.
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1. Increased dollar limit for Section 179 expensing.

2. Bonus depreciation of 50 percent for property acquired and placed into service in 2015.

3. Shorter S corp recognition period for built-in-gains.

4. 100 percent gain exclusion on the disposition of qualified small-business stock.

5. Extension of the Research Credit.

6. Above-the-line deduction for up to $250 of educator expenses.

7. Above-the-line deduction for eligible individuals for higher education expenses.

8. Election to deduct state and local general sales tax as an itemized deduction.

9. Itemized deduction for mortgage insurance premiums paid or accrued in connection with the acquisition of a qualified residence.

10. Qualified principal residence indebtedness exclusion for debt discharge of income.

11. Tax-free charitable donation up to $100,000 from an IRA for taxpayers 70-½ or older.
